Ever wonder how a millionaire becomes a millionaire? Well, some were born that way — how's that silver spoon taste? Others got lucky. But many got to this 7-figure milestone through hard work and smart money decisions.
If you're seeking out this kind of financial advice then you probably already know how to chase down your dreams. Whether it was buying your first home, getting that big promotion, or maxing our your 401(k), you know what it feels like to set a financial goal and achieve it. Becoming a millionaire is no different from those other goals. You can approach it the same way — just take it step by step and make smart decisions.
To make your path to $1,000,000 a little easier, we're here to share some simple lessons from millionaires who came before you.
Make money while you sleep
Having passive income means you can be making money even when you're sleeping. One potential source of passive income: real estate investing.
Traditionally, investing in real estate was a complicated process requiring huge down payments. But with Diversyfund, you can co-own a portfolio of fully vetted, cash flowing assets in just five minutes. Getting started is easy. You just create your free account, browse available investments, put your money (at least $500) into the projects that seem interesting to you, and then monitor your investments through the Diversyfund dashboard.
Diversyfund is an all in one platform with no middle man and, most importantly, no fees. With real estate beating the stock market by a significant margin for the last 30 years there’s no better time to diversify your investments.
Cancel your car insurance
We’ve got bad news. You’re probably wasting at least $500 every year on overpriced, second-rate car insurance. And you should probably cancel your existing insurance right now, because there’s something much better.
This new tool from FinanceBuzz can tell you if you’re overpaying for your car insurance in just a few clicks. On average, we find around $500 a year in savings for drivers. And once you try it out, you’ll never have to look for affordable insurance again because we find you the lowest rates that other companies can’t match.
Oh, and it’s also free. And come on — you can’t tell us you don’t want to save $500. To find out if you’re losing $500 or more a year, just enter your zip code here, answer a few questions and see if you’re overpaying. It takes less than 2 minutes.
Don't overpay when you shop online
Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.
Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, they will automatically add the best available coupon code from their extensive database to help you save cash. And before you check out at favorite stores like Amazon, Target, and more, Capital One Shopping will notify you with a friendly pop-up if the item you're buying is available cheaper somewhere else.
Capital One Shopping is free to use and won't show you ads. Add it today and stop overpaying!1
Invest in paintings by Basquiat, Picasso, Banksy
The ultra-wealthy have been flipping art for huge profits for decades and now non-millionaires can get in on the action. Masterworks is a platform for investing in blue-chip art, an asset class that’s outperformed the S&P 500 by over 180% between 2000-2018.
Masterworks purchases multi-million-dollar paintings and divides up ownership among its members. Just like stock in a company, you can own fractional shares of artwork. If the painting sells, you make money off the appreciation.
While Masterworks requires a $5,000 account minimum to get started, you can invest as little as $20 in each work.
Skip The Waitlist: Use our link to get exclusive access to bypass the 25,000 person waitlist!
Prepare for market volatility by investing in gold
Stock market volatility can be financially damaging for investors, especially as you near retirement. You could move your investments into a savings account, but have you seen interest rates lately? Another option to consider — diversify with gold.
Gold values are inversely correlated with the stock market and the dollar. When one goes down, the other usually goes up. If you want to protect your retirement funds, having diversified investments can help you weather market swings.
Gold Alliance is a reputable precious metals dealer that specializes in precious metals IRAs. They make it simple to transfer funds from your current retirement account (like a 401(k) or IRA) into a precious metal IRA — with no taxes or penalties.
Gold Alliance offers a free investors' guide to help you learn more about why gold and silver could be a smart choice for diversifying your portfolio, and how the process works.